Norwegian energy giant Equinor has officially exited the upstream oil and gas markets in Nigeria and Azerbaijan after completing asset sales worth $2 billion, the company announced on Monday. Equinor revealed it will receive $745 million from the sale of its portfolio in Azerbaijan and up to $1.2 billion for its Nigerian assets. The deals, […]Read More
Argentina’s Vaca Muerta shale play reached a new oil production record of 400,000 barrels per day in the third quarter and is on track to hit one million barrels per day by 2030, according to Rystad Energy’s latest analysis. That’s what Rystad stated in a release sent to Rigzone by the Rystad team recently, adding […]Read More
Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into law. This legislation represents a significant step towards the state government’s objective of delivering a 24-hour electricity supply across Lagos, marking a major advancement in its power sector reforms. The bill follows the 2023 decision by the Federal Government to grant […]Read More
Libya’s National Oil Corporation (NOC) has announced a new production record, reporting daily output of 1,386,030 barrels of crude oil and condensate, alongside 203,017 barrels of oil equivalent (boe) from gas. This brings the country’s total production to 1,589,047 barrels per day, marking a significant achievement for the oil-rich nation. The announcement coincides with stable […]Read More
The Port Harcourt Refining Company has clarified that its operations have not been fully suspended but scaled down to facilitate ongoing upgrades at the facility. Moyi Maidunama, Executive Director of Operations at the Nigerian Pipeline and Storage Company Limited, disclosed this on Sunday during a guided tour of the refinery led by the company’s Managing […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has addressed claims made by a community leader from Alesa, Rivers State, who alleged that the Port Harcourt refinery is not producing petrol. NNPC clarified that the refinery is currently operating at 90% capacity, producing Straight-Run gasoline (naphtha), which is blended into 1.4 million litres of Premium Motor […]Read More
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has revealed that the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery which resumed production on Tuesday, is ₦75 per litre higher than that sold by the Dangote Refinery. Joseph Obele, public relations officer of PETROAN, revealed that petrol supplied […]Read More
The Port Harcourt refinery, is set to resume crude oil production after several missed deadlines and a long period of rehabilitation exercise. The rehabilitation exercise worth $1.5 billion was approved by the Nigerian government in 2021 for the refinery with a combined 210,000 barrels per day capacity. Announcing the preparedness of the refinery for production […]Read More
The Nigerian presidency has revealed plans to fully privatise the country’s state-owned refineries, including the Port Harcourt, Warri, and Kaduna facilities are underway. Sunday Dare, the President’s special adviser on media and public communications, posted this update in a statement posted on Sunday via his official X (formerly Twitter) account. The bulletin outlined key achievements […]Read More
Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N970 per litre from N990/litre. In a statement released by Anthony Chiejina, the Dangote Group’s chief branding and communications officer, this price cut will take effect immediately for oil marketers. The statement described the […]Read More
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